Friday, May 09, 2008

Today's Headlines

- Lampert, Wood Show Risk of ‘Concentrated’ Hedge Funds.
- The global financial crisis triggered by the collapse of the subprime mortgage market is “clearly” in its final stages, Morgan Stanley CEO John Mack said.
- Copper fell, capping a second straight weekly decline, as inventories monitored by the London Metal Exchange jumped the most in more than two years.
- Oil rose above $126/bbl. in NY to a record as the dollar weakened against the euro and yen, prompting speculators to buy commodities.
- Democratic presidential candidate Barack Obama isn’t likely to pick rival Hillary Clinton as a running mate, according to one of his most prominent supporters.
- Activision Inc.(ATVI), the video-game maker combining with Vivendi SA, rose the most in five months in Nasdaq Stock Market trading after fourth-quarter sales of “Guitar Hero” helped earnings beat analysts’ estimates.
- Inc.(PCLN) rose the most in almost three months after forecasting 2008 profit that was higher than analysts’ estimates.

Wall Street Journal:
- A cache of controversial computer files closely tying Venezuela’s President Hugo Chavez to communist rebels seeking to topple Colombia’s government appear to be authentic.
- William Ackman, the hedge-fund manager and founder of Pershing Square Capital Management, told CNBC it will be more difficult to be “short” in 2008. Pershing made all of its profits last year from short-selling, Ackman said. Ackman said he is a big believer in retailer Target Corp.(TGT). Pershing, at just under 10%, is the Minneapolis-based discount chain’s largest shareholder.

- Brazil plans to become a major oil exporter and wants to join OPEC, the country’s President Luiz Inacio Lula da Silva told German magazine Der Spiegel.

- UK voter support for the ruling Labour Party has slumped to 23%, giving the opposition Conservative Party its biggest polling lead since 1968, citing a YouGov Plc poll. Some 49% of voters said they supported Conservatives, with Liberal Democrats posting 17% in support.

Valor Economico:
- Brazilian President Luiz Inacio Lula da Silva told Cabinet ministers that he won’t allow consumer prices to rise faster than the official target.

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